My fiance and I are refinancing our flat in Templecombe with Leeds Building Society. We have a son approaching twenty who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is forfeited by the lender. I have a couple of concerns (1) Is this document specific to the Leeds Building Society conveyancing panel as he never had to sign this form when we bought 5 years ago (2) Does our son by signing this extinguish his entitlement to inherit the property?
First, rest assured that your Leeds Building Society conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Leeds Building Society. This is solely used to protect Leeds Building Society if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Leeds Building Society had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
I have been told that property searches are a common cause of stalling in Templecombe house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in Templecombe.
I am buying a new build apartment in Templecombe. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Templecombe
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Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I have been on the look out for a flat up to £195,000 and found one round the corner in Templecombe I like with amenity areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Templecombe in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
In what way does the Landlord & Tenant Act 1954 affect my business offices in Templecombe and how can you help?
The 1954 Act provides protection to business lessees, granting the dueness to make a request to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Templecombe
I am employed by a busy estate agency in Templecombe where we have experienced a number of flat sales put at risk due to short leases. I have been given conflicting advice from local Templecombe conveyancing solicitors. Please can you confirm whether the owner of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Templecombe Leasehold Conveyancing - A selection of Questions you should consider before Purchasing
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Best to be warned whether fixing the lift or some other major work is anticipated to be shared by the leasehold owners and may well materially impact the level of the service fees or result in a one off payment. If a Templecombe lease has less than 80 years it will impact the marketability of the property. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have owned the property for a couple of years before you are entitled to exercise a lease extension.